Sadly I totally agree with you, it is true.

There is a social element to that equation though, which is why management in this particular type of situation has the tendency to so often turn into a "cool club" of people who do everything together, hack on the weekends together, drink after work together, etc, and thus the work/life balance only gets worse as the cycle repeats and new managers are initiat...I mean, hired. Because it's in their personal best interest to keep up this culture.